U.S. Job Growth Slows To 114 Thousand In July As Unemployment Jumps Up To The Highest Rate Since October 2021

Friday, August 2, 2024, 9:30 A.M. ET. 1 Minute Read: By Jennifer Hodges: Englebrook Independent News,

WASHINGTON, DC.- The U.S. Labor Department reported on Friday that U.S. employers added only 114,000 jobs in July, missing the 175,000 predicted by economists. 

     The unemployment rate also climbed to 4.3%, higher than expected.

     The 4.3% climb in unemployment is the first time since October 2021 that the U.S. economy has experienced a high unemployment number, and with only 114,000 new jobs added, this could be a signal that the U.S. economy is beginning to slow down.

     The wage growth generally slowed as the pandemic-related worker shortages have continued to decline. The average hourly pay rose just 8 cents to $35.07, pushing down the yearly increase from 3.9% to 3.6%, the lowest since May 2021.